AFFORDABLE HOUSING STRATEGIES
THE CHALLENGE
Communities across the United States are in need of affordable housing. Not a single county in the US can fill 100% of its low-income population’s need for affordable housing, with some providing less than 1 in 10 of the needed affordable housing units. This gap negatively affects our communities, with housing instability affecting education, health, and economic security, particularly in households with children and seniors. Extremely Low Income renters (ELI) who earn 30% or less of area median income, many of which are seniors, are most at risk for housing.
• 10.8 million renter households with extremely low incomes account for 25% of all renter households and 9% of all U.S. households.
• Extremely low-income renters in the U.S. face a shortage of nearly 7 million affordable and available rental homes. Only 37 affordable and available homes exist for every 100 extremely low-income renter households.
• 70% (7.6 million) of the nation’s 10.8 million extremely low-income renter households are severely housing cost-burdened, spending more than half of their incomes on rent and utilities. They account for over 72% of all severely housing cost-burdened renters in the U.S.
• 48% percent of extremely low-income renter households are seniors or disabled, and another 43% are in the labor force, in school, or are single-adult caregivers.
• No state has an adequate supply of affordable and available homes for extremely low-income renters. The current relative supply ranges from 20 affordable and available homes for every 100 extremely low-income renter households in Nevada to 61 in Mississippi and Wyoming.
OUR STRATEGIES
BLVD aims to create communities that illustrate an affordable housing development’s potential to not only change residents’ lives, but also to provide a neighborhood community with a sense of pride. Among our projects are properties located within some of the most desirable, urban infill neighborhoods – where affordability is increasingly under threat, and low income earners are priced out.
BLVD seeks to have a positive impact on communities by
Acquiring, preserving, and enhancing affordable properties in primary and secondary markets across the country.
Rehabilitating buildings to extend the useful life of the assets and introducing new amenities, as well as sustainable green improvements.
Developing projects through partnerships with local and federal governments, financial institutions, and non-profits.
Since its formation, BLVD Communities has rapidly expanded its portfolio. The company owns and operates more than 45 affordable communities in 17 states. Through LIHTC funding, the company has substantially rehabilitated numerous properties in the portfolio with additional developments continually underway.
